Gold and Silver Spot

Gold trading in a bull flag formation & topped almost exactly at the selling opportunity at 1488/90.

Silver longs at important support at 1655/50 are working perfectly on the recovery to 1712 but we unexpectedly collapsed back to 1674.

 

Daily Analysis

Gold crashed from just below 1487 to 1462. Minor resistance at 1471/73 but above here 1475 targets 1478/80, perhaps as far as 1484. Try shorts at 1488/90 with stops above 1492. A break higher (& close above for confirmation) is an important medium term buy signal.

First support at 1463/61 but below 1460 targets 1457/56. A break below 1454 targets 1450 & 1445.

Silver outlook remains positive as long as we hold important support at 1655/50. Holding above 1675/80 today retests first resistance at 1693/96. Further gains retest 1710/12. A break higher is a buy signal targeting 1726/30, perhaps as far as minor resistance at 1740/45 in to next week.

Important important support at 1655/50. A break below 1630 is a sell signal therefore targeting 1610 & 1590/85.

 

Trends

Weekly outlook is positive

Daily outlook is neutral

Short Term outlook is neutral

The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.

Analysis feed

Latest Forex Analysis

Editors’ Picks

EUR/USD hits two-month lows amid USD strength

EUR/USD has pared its gains that followed upbeat preliminary PMIs for Germany came out above expectations, pointing to a recovery. The USD is advancing amid fears of the coronavirus.

EUR/USD News

GBP/USD drops below 1.31 amid USD strength, fails to sustain PMI gains

GBP/USD is trading below  1.31 after hitting a fresh high of 1.3172. The UK Manufacturing PMI beat with 49.8 and Services PMI with 52.9. The USD is gaining ground across the board.

GBP/USD News

Cryptos: Bears take over and draw a bloody moon

Despite appearances, Bitcoin is the asset with the best risk/benefit ratio. The current falls are adjusted to the ranges of the previous rise. Downward momentum expires in the first half of February.

Read more

Gold rebounds above $1560

The XAU/USD pair dropped to a daily low of $1556.70 during the European trading hours as the easing worries over coronavirus becoming a global epidemic and a broad-based USD strength put the pair under bearish pressure.

Gold News

USD/JPY drops to two-week lows near 109.30

The USD/JPY pair reversed its direction during the American trading hours as the risk-off atmosphere allowed the JPY to find demand as a safe-haven.

USD/JPY News

Forex Majors

Cryptocurrencies

Signatures